Deed of variation

What is a Deed of variation?

Suppose you’ve inherited money, property or other assets or belongings under a Will or the rules of intestacy. In that case, you can use a deed of variation to give some or all of that inheritance to another person or organisation. It's your choice and can be someone not mentioned in the Will.

Who can make a deed of variation?

Any individual who benefits can vary any gift in a Will or under the Intestacy provisions, provided that they are over 18 and have mental capacity. 

Reducing your inheritance tax bill

Deeds of variation are particularly useful if you want to manage your own estate and any potential liability for inheritance tax. However, there are a number rules attached to them, particularly on when you need to sign them and who else might need to sign. Our experienced Wills and probate team can guide you through the process smoothly. We'll advise on what you can and can't do, and the most efficient solution for you.

Complex tax planning

A deed of variation can be part of a complex tax planning arrangement – we’ll help you find its right place in the bigger scheme, working in harmony with your other plans. Among the sort of issues we can look at for the deed of variation and the broader implications are:

• agricultural relief and business property relief
• giving to charities
• declarations for inheritance and capital gains tax
• informing HMRC.

We have offices in Cambridge, Brentwood, Chelmsford, Saffron Walden, Bishop's Stortford and Royston, but we can help you wherever you are in the UK. 
Call our Wills and Probate solicitors on 0808 231 1320